Income Tax Deductions - Page 5

Tax on 60% of EPF/ NPS Contribution wef 01.04.2016

In order to bring greater parity in tax treatment of different types of pension plans, it is proposed to amend section 10 so as to provide that in respect of the contributions made on or after the 1 stday of April, 2016 by an employee participating in a recognised provident fund and superannuation fund, up to 40 % of the accumulated balan...

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Section 87A Rebate Limit Raised to Rs. 5000

#Budget 2016- Rationalization of limit of rebate in income-tax allowable under Section 87A The existing provisions of section 87A of Income-tax Act, provide for a rebate of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less, from the amount of income-tax to an individual […...

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Deduction Limit U/s. 80GG for Rent raised to Rs. 5000 Per Month

#Budget 2016- Rationalization of limit of deduction allowable in respect of rents paid under Section 80GG The existing provisions of Section 80GG provide for a deduction of any expenditure incurred by an individual in excess of ten per cent of his total income towards payment of rent in respect of any furnished or unfurnished accommodatio...

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Avail the Tax Bonanza by investing Rs. 50,000/- in NPS

One of the biggest tax saving bonanza by the Finance Act-2015 was insertion of sub-section 1B to section 80CCD in the Income Tax Act-1961 whereby an additional deduction of Rs. 50,000/- is offered to the taxpayer for contribution in the National Pension Scheme (NPS)....

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S. 80IC: 100% deduction allowed on every substantial expansion

M/s Tirupati LPG Industries Ltd. Vs JCIT (ITAT Delhi)

ITAT Delhi held in the case of M/s Tirupati LPG Industries Ltd. vs. JCIT that a plain reading of Sec.80-IC (8)(v) which defines the term initial assessment year read with Sec.80-IC(8)(ix) which defines the term substantial expansion makes it clear that there is no restriction on more than one substantial expansion being undertaken by an a...

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The Phasing out roadmap – lose to gain!

In the Union Budget 2015 speech, the Hon’ble Finance Minister, Mr Arun Jaitley, has announced the intention to reduce the corporate tax rate from 30% to 25% over the period of next four years, accompanied by the removal of tax incentives and deductions. Following this, in November 2015, CBDT released the first roadmap of the phasing out...

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Income Tax Benefits on Various Plans of LIC for FY 2015-16

1) Deduction allowable from Income for payment of Life Insurance Premium (Sec. 80C). (a) Life Insurance premia paid in order to effect or to keep in force an insurance on the life of the assessee or on the life of the spouse or any child of assesse...

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Govt. Plan to phase out deductions under Income-tax Act, 1961

Press Information Bureau Government of India Ministry of Finance 26-November-2015 09:44 IST Date for sending comments by the stakeholders and general public regarding phasing-out plan of deductions under the Income-tax Act extended till 31st December, 2015 A phasing-out plan of deductions under Income-tax Act was placed in the public doma...

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All About Unit-linked insurance plan (ULIP)

A Unit Linked Insurance Plan (ULIP) is a product offered by insurance companies that unlike a pure insurance policy gives investors the benefits of both insurance and investment under a single integrated plan. Unit Linked Plans refer to Unit Linked Insurance Plans offered by insurance companies. These plans allow investors to direct part ...

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CBDT makes Claiming of medical expenditure for tax purposes easy

ne of the pillars of the of the taxation proposals included in the Finance Minister’s budget speech for 2015-16 was extension of benefits to the middle class. In this process the Finance Minister announced extension of certain benefits in respect of medical treatment under section 80DDB. This section allows a deduction for expenditure i...

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